Shah, in a statement, said electoral bonds will lead to transparency and usher in an era of clean politics.

Asserting that Prime Minister Narendra Modi is committed on election reforms for boosting probity in politics and ending influence of black money in public life, he said introduction of these bonds are a step in this direction.

He refereed to the demonetisation exercise and the decision to limit cash donations to political parties to Rs 2,000 among the steps taken by the government to this end.

“The BJP will lead election reform measures and also steps to enhance probity in public life. It will lead the movement to end use of black money in politics,” Shah said.

In the Lok Sabha today, Jaitley outlined contours of the new electoral bonds that donors can buy from SBI and said receiving political parties can encash them only through a designated bank account.

The electoral bonds, which are being pitched as an alternative to cash donations made to political parties, will be available at specified branches of State Bank of India (SBI) for 10 days each in months of January, April, July and October, the finance minister said.